BRAZIL: To the Rescue

Last week the U.S. Export-Import Bank came to the rescue of Brazil's economy with a $300 million loan to help pay off dollar debts to U.S. traders, totaling more than $360 million. The loan, hotly debated in the U.S. National Advisory Council (composed of the Secretaries of State, Treasury and Commerce, the heads of the Federal Reserve and Export-Import Banks, and the Director of Mutual Security), would do much to assure the success of the Latin republic's new "free" exchange rate, which permits foreign firms to remit earned profits without limit. The loan and the new rate give Brazil,...

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